Hamister Group Acquires Connecticut Community
Cushman & Wakefield arranged the sale of an assisted living community in Glastonbury, Connecticut. Buckingham Heights is a 46-unit, 52-bed memory care community that sits just southeast of Hartford. The property opened in late 2001 and historically operated at 100% occupancy. Longview Senior Housing, an affiliate of Blackstone, the seller, completed renovations in 2021, which included remodeled common areas, expanded dining areas, replacing the roof and sprinkler system, and upgrading furniture, fixtures, equipment, lighting, paint, carpet and flooring throughout the property. The strong cash flow and good location attracted Hamister Group, a seniors housing investor and operator, to... Read More »Windriver Companies Acquires South Carolina Community
Evans Senior Investments announced it has arranged the sale of an assisted living community in South Carolina on behalf of a large East Coast private equity firm. The buyer was Windriver Companies, which paid an undisclosed price. Built in 2001, the 52-unit community is located just outside of Greenville. With a 100% private pay census, the community was 40% occupied at the time of marketing and losing money. Occupancy increased to 55% at the time of closing, but there is still a long way to go. Windriver Companies plans to begin renovations as well as add memory care units to the community. Read More »High-Priced SNF Portfolio Sells in Maryland
Axis Health, an owner/operator of senior care facilities run by Ben Philipson and Abe Kraus, has divested its six skilled nursing facilities in Maryland to two separate buyers. One tranche of four facilities in Montgomery, Carroll and Cecil Counties sold to Autumn Lake Healthcare for $142.5 million, or $276,000 per bed. Those facilities include Oak Manor in Burtonsville, Birch Manor in Sykesville, Calvert Manor in Rising Sun and Long View in Manchester. The other two facilities, including Caroline Center in Denton and Manokin Center in Princess Anne, sold to Key Health Management, which is entering the state with the deal. The two facilities are located on the Eastern Shore. Key Health... Read More »Dwyer Workforce Development Acquires 50-SNF Portfolio
There was some buzz around a major skilled nursing portfolio deal in Texas closing during the NIC Fall Conference, and indeed, Dwyer Workforce Development (DWD), the 501(c)(3) not-for-profit started by Jack Dwyer (the owner of Capital Funding Group) and his family in 2021, announced its $590 million acquisition of 50 facilities in the Lone Star State. Continued to be operated by Regency Integrated Health Services, the portfolio will transition from for-profit to not-for-profit under the deal. DWD has tasked itself with three basic missions: solving systemic poverty, creating new career opportunities for those who lack opportunity, and reducing healthcare staff shortages at facilities... Read More »Utah-Based SNF Owner Enters Assisted Living Sector
A Utah-based developer is exiting the assisted living industry, with Vince Viverito, Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage handling the final sale. Last month, the same SLIB trio sold the company’s other remaining assisted living assets, which were located in the western United States. Located in Lehi, Utah (Provo area), the last assisted living community was vacant, having been built by the seller in 2016 with 62 units on 1.5 acres. It sold for $8.95 million, or $144,400 per unit. The owner was focused on divesting the portfolio in order to focus on its core industries (multifamily and retail) and strategically decided to shut down this building to... Read More »Schedule a demo
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